Illinois March Housing Report – Sales and Prices On The Rise!
The Illinois housing market continues its strong 2017 growth with rising house prices and a great sales increase. Good news for all homeowners!
The Illinois housing market had a strong showing in March with home sales climbing 9.6% over previous-year levels and the statewide median price surging 10.7% higher.
Statewide home sales (including single-family homes and condominiums) in March 2017 totaled 13,274 homes sold, which is up 9.6% from 12,116 in March 2016.
The statewide median home price in March was $189,900, which is up 10.7% from March 2016, when the median price was $171,500. The median is a typical market price where half the homes sold for more and half sold for less.
The time it took to sell a home in March averaged just 67 days, 10 days down from 77 days in 2016. Available housing inventory totaled 52,826 homes for sale. This is a 15.5% decline from March 2016 when there were 62,492 homes on the market.
Chicago And Suburbs See a Similar Positive Trend
In the nine-county Chicago Primary Metropolitan Statistical Area (PMSA), home sales (single-family and condominiums) in March 2017 totaled 9,661 homes sold. This is up from 13.1% in March 2016 sales of 8,540 homes. The median price in March 2017 was $231,000 in the Chicago PMSA, which is an increase of 10.0% from $210,000 in March 2016.
The city of Chicago saw a 15.3% year-over-year home sales increase in March 2017 with 2,478 sales, which is up from 2,149 in March 2016. The median price of a home in the city of Chicago in March 2017 was $295,000, which is an increase of 9.7% compared to March 2016 when it was $269,000.
Sales and price information are generated by Multiple Listing Service closed sales reported by 28 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of April 7, 2017 for the period March 1 through March 31, 2017. The Chicago PMSA, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.
About Gerardo Zavala:
Gerardo Zavala is a full-time REALTOR® at Realty of Chicago, a full-service real estate agency founded by Eduardo “Eddie” Garcia in 2005. Both Gerardo and the agency specialize in marketing residential, commercial, and investment properties through its vibrant social media and video channels. The company’s motto “#LoveWhatYouDo” is an empowerment to everyone that is living their dream just as ROC agents do.